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PALMER, Mass. (WWLP) – Mohegan Sun still leases 152 acres of land in Palmer, but hasn’t said what it plans to do with it. Thursday, Mohegan Sun announced it has hired a company to study development options for site in Palmer off Exit 8 of the Mass Pike. At this time, Mohegan Sun still has 95 years left on its land lease.
Below is the news release from Mohegan Sun:
Mohegan Resorts Mass, LLC, an affiliate of the Mohegan Tribal Gaming Authority, announced today it will retain CBRE/Grossman Retail Advisors LLC to study development options for 152 acres of land in Palmer, Massachusetts that Mohegan Resorts Mass controls under a long-term ground lease.
The property – located just off Exit 8 of the Massachusetts Turnpike (I-90) – until Nov. 5, 2013 was under consideration for a $1 billion resort casino and family entertainment complex. Voters in Palmer failed to approve the casino project in a referendum election, which is required under the Commonwealth’s comprehensive gaming legislation.
“We’ve invested over $10 million into this property alone, and millions more into activities related to its development,” said Mitchell Etess, company President and CEO of the Mohegan Tribal Gaming Authority. “CBRE is the nation’s premier real estate advisory firm, and they will assist us in reviewing what options may exist for non-gaming development on our site in Palmer.”
CBRE/Grossman Retail Advisors LLC will perform a “highest and best use” analysis of the site. CBRE may also provide advisory services in identifying potential development partners or other interested parties.